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Open to all majors
Welcome to the 15th annual West Virginia Statewide Collegiate Business Plan Competition! The BPC provides college students throughout the state of West Virginia with the unique opportunity to make a business idea come to life with the support of state institutions of higher education and investors from around the country. The competition awards a minimum of $20,000 each year to eager entrepreneurs willing to invest in West Virginia.
The process extends through the entire academic year, culminating in April. The competition consists of three rounds. Feedback and instruction are given for each round, so it is not necessary to have any business background to enter. It is helpful to have team members with different areas of expertise.
Teams of 1-3 members will choose a business idea that focuses on social entrepreneurship and solving a problem found in West Virginia. Teams will submit a conceptual outline of their proposed business via ReviewR using the Business Model Canvas template.
The top fifteen teams will advance to the Semifinals. Additional teams will advance to ensure every participating school has at least one representative in the Semifinals.
Round 2 — Semifinals:
Consists of three levels. First each team will submit a written customer discovery study. Next, each team will submit a two-minute elevator pitch of their business idea to the judges who will score the ideas. Finally, each team will participate in a series of zoom interviews with business professionals to discuss their business plan.
The top ten teams will advance to the final round.
Teams will come together at the BPC Workshop to work with marketing, financial, legal and business professionals. They will learn valuable information related to starting a business in West Virginia. This event is mandatory for all finalists and their coaches.
Round 3 — Final Competition:
Finalist teams are given comprehensive instruction and support in developing a complete business plan for their idea. They are provided with a business coach to mentor their team and a stipend of $1,000 to cover costs associated with developing their business. Each finalist team will submit a business plan to a panel of judges and then makes a 5-minute oral presentation to the panel followed by a 10-minute Q&A with the judges. The Final Competition will be held online in 2021.
November 13, 2020 Round 1: submissions due by noon
December 7, 2020 Semifinalists notified
December 9, 2020 Virtual Workshop for semifinalists
February 1, 2021 Feasibility studies due by noon
February 8-12, 2021 Round 2: Virtual Semifinals (week long interviews)
February 15, 2021 Finalists notified
February 26, 2021 Virtual Workshop for finalists
April 9, 2021 Final business plans due by noon
April 16, 2021 Round 3: Finals